How Quickly Will I Receive My Loan?

The time-consuming nature of traditional loans is one of their most nettlesome drawbacks. Conventional loans sometimes take days to process and even longer to disburse. Paycheck advances offer a refreshing change from this time-consuming borrowing process. With some payday advance lenders, borrowers can have their loans as quickly as the next business day after submitting an application. Of course, every lender will have a different processing time, but generally, payday loans can be obtained very quickly. Read on to find out how soon you can expect your payday advance and what factors affect its delivery time.

Average Delivery Time

The paycheck advance application process takes only minutes in most cases, and many lenders have begun providing instant approval decisions. The only portion of the borrowing process that takes a significant amount of time is the verification of the information provided on your application. Your lender will have to check your bank, employment, and contact information before the funds can be disbursed. Typically, this takes a few business days at the most, with some lenders promising paycheck advances in just one business day. As soon as the processing of your application is complete, the distribution of the funds will be instantaneous through an electronic transfer.

Factors That Affect Delivery Time

How quickly you receive your loan will depend on a number of factors that we’ve outlined for you below.

• The accuracy of your application. The more accurate the information you provide on your application, the faster you will receive your loan. Erroneous bank account numbers, for example, might impede the process.
• Whether faxing is required. No-fax paycheck advances tend to have faster processing times because you do not have to send in piles of documentation. If you do have to fax in supporting documents, this will obviously add time to the process.
• When you apply. If you apply for a loan during non-business hours, you can’t expect to get your paycheck advance the next day. Most lenders only operate on weekdays during traditional business hours, so after-hours applications might not be processed for a while. This is why most lenders tell their borrowers to expect their loans in one or two business days rather than 24-48 hours.
• Your lender. As with traditional loans, some payday lenders are faster than others. Usually, the payday lenders with the fastest turnaround times advertise their efficiency so you can easily spot them. If you’re concerned about your lender’s average processing time, you can always ask how long it will take to receive your funds when you apply.